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Spin off questions. How do you qualify for a short sale?

I also have a second mortgage?


Asked by Anonymous at 3:04 PM on Jul. 25, 2010 in Money & Work

This question is closed.
Answers (2)
  • A short sale actually means that the money offered is short of what is owed. We sold our home as a short sale, the bank got less than half of what we owed. I lost my job, and we could no longer afford it. We had 2 mortgages. We had a great realtor. He did mountains of paperwork, mostly negotiating with the banks for both mortgages. We had to write a letter to the banks explaining why we couldn't continue payments. Then (and this is the hard part) we had to find a buyer who made an offer below what we owed (making the sale "short") that would be approved by the bank. It took forever, longer than a regular escrow, since the bank had to eventually agree to a lesser amount. So, in short, (ha ha) to qualify for a short sale, you have to show financial burden for continuing your regular mortgage payment.

    Answer by Pnukey at 5:35 PM on Jul. 25, 2010

  • To qualify as in buy a short s home. Well the day it's approved. It's one day to one month. It' s dependent on which is easier for the bank, and how many other better offers are made.

    If you want to quick buy, then the other good top bidders need you to bid higher than they did. Go high just a bit, and don't use them to have for an excuse though when the inspector comes and says it's not worth the price you paid, once it's bought and signed off to you ...... you will probably need to higher your own inspector right now to see the reality check for shock value. If it's still worth it than go and keep the high bid, but do the inspection NOW>

    Answer by coffeeyum at 3:12 PM on Jul. 25, 2010